Lawyers wrapped up their closing arguments in the GM bankruptcy case Thursday, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a "new GM."
General Motors returned to bankruptcy court Thursday seeking approval of its plan to restructure and create a "new GM."
The head of General Motors, seeking swift approval of a plan to leave the automaker's debt behind, told a bankruptcy court Tuesday that the company's June sales are stronger than expected -- in part because the bankruptcy process is going swiftly.
General Motors is racing through the early stages of its bankruptcy, in the hope of emerging as a new, independent company by August or early September.
Compared to the past three Sprint Cup seasons, Richard Childress Racing has been mired in a slump. With 10 races remaining before the Chase, none of its four drivers are in the top 12. Jeff Burton (15th in the points and 46 behind current final qualifier Juan Pablo Montoya) and Clint Bowyer (16th and 65 back), still have a chance, but Casey Mears (21st and 300 back) and Kevin Harvick (25th and 380 back) really don't.
One road to regulatory reform runs through Detroit and Utah -- and there are signs the ride could get bumpy.
For much of the last year, Ford Motor has been the strongest U.S.-based automaker.
General Motors met with teams in NASCAR's top-tier Sprint Cup series this week about its plans to cut back financial support.
A plea by struggling auto parts makers for $8 billion to $10 billion in additional federal loan guarantees was turned down by the Obama administration's auto task force last week.
As Chrysler morphs into a new company and as General Motors moves ahead with its bankruptcy process, injured plaintiffs are getting left behind.
Lawyers wrapped up their closing arguments in the GM bankruptcy case Thursday, opening the way for the judge to decide whether to approve or deny the sale of the automaker's assets to a "new GM."
General Motors returned to bankruptcy court Thursday seeking approval of its plan to restructure and create a "new GM."
The head of General Motors, seeking swift approval of a plan to leave the automaker's debt behind, told a bankruptcy court Tuesday that the company's June sales are stronger than expected -- in part because the bankruptcy process is going swiftly.
General Motors is racing through the early stages of its bankruptcy, in the hope of emerging as a new, independent company by August or early September.
Compared to the past three Sprint Cup seasons, Richard Childress Racing has been mired in a slump. With 10 races remaining before the Chase, none of its four drivers are in the top 12. Jeff Burton (15th in the points and 46 behind current final qualifier Juan Pablo Montoya) and Clint Bowyer (16th and 65 back), still have a chance, but Casey Mears (21st and 300 back) and Kevin Harvick (25th and 380 back) really don't.
One road to regulatory reform runs through Detroit and Utah -- and there are signs the ride could get bumpy.
For much of the last year, Ford Motor has been the strongest U.S.-based automaker.
General Motors met with teams in NASCAR's top-tier Sprint Cup series this week about its plans to cut back financial support.
A plea by struggling auto parts makers for $8 billion to $10 billion in additional federal loan guarantees was turned down by the Obama administration's auto task force last week.
As Chrysler morphs into a new company and as General Motors moves ahead with its bankruptcy process, injured plaintiffs are getting left behind.
These are hard times for car dealers. Across the nation, General Motors and Chrysler dealerships are pulling down their big roadside signs and closing their doors.
General Motors has been pretty active in its first two weeks as a bankrupt company.
General Motors took a big step toward its reinvention as the "New G.M." today when it opened what it calls the largest automotive battery laboratory in the United States, a move the struggling company believes will hasten the development of electric vehicles.
General Motors Corp said Tuesday that former chairman and chief executive of AT&T Inc Edward Whitacre will become chairman of the restructured automaker later this summer.
The role of the United Auto Workers used to be a simple one: adversary to the Detroit Three, fighting in recent decades to keep jobs in the U.S. and maintain the great wages and benefits that helped create a blue-collar middle class that stretched from Indiana to Michigan.
General Motors Corp, which filed for bankruptcy protection a week ago, said Monday that it would cease production of medium-duty trucks by July 31 after attempts to sell the operation failed.
General Motors Corp. has a tentative deal to sell its Saturn brand to auto racing magnate Roger Penske's dealership group, both companies said Friday.
Stocks struggled Friday at the end of another up week for Wall Street as investors welcomed a report showing that the pace of job losses is starting to slow, but showed caution after the market's recent advance.
With car companies going in into bankruptcy and shedding famous names left and right, it's important to remember that today's automotive titans started out as tiny startups, not unlike Silicon Valley entrepreneurs.
Bankrupt automaker General Motors Corp. announced Friday that it will sell its Saturn unit to car dealership operator Penske Automotive Group.
The last thing the battered U.S. labor market needs are the current problems at GM and Chrysler.
General Motors has been the largest automaker in terms of U.S. sales for 78 years. Whether it runs that streak to 79 is an open question.
After announcing it will cut thousands of its car dealers, General Motors is asking its remaining retailers to sign more demanding contracts in what one auto dealer group calls "a gun-to-the-head" scenario.
Ever since it filed for bankruptcy protection on the morning of June 1, General Motors has been energetically trying to get the word out that the new GM will be a much better company than the old GM. Executives have been interviewed on radio, appeared on television, and held endless rounds of conference calls with securities analysts and the media. The message, according to CFO Ray Young: "We will fix GM once and for all."
By the time General Motors filed for bankruptcy protection Monday, few in the auto industry doubted that's where the troubled automaker belonged. Whether GM's plan for a quick trip through bankruptcy will be enough to turn around the company is still up for debate.
General Motors Corp. has struck a deal to sell its Hummer truck unit to a Chinese industrial business, the two companies confirmed Tuesday.
The General Motors bankruptcy is the fourth-largest in history. It is also one of the most complex.
Despite unprecedented turmoil in the auto industry General Motors, Chrysler LLC and Ford Motors all reported auto sales that, while still anemic, were much better than expected.
General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines capped by a dramatic plunge in sales in recent months.
Now that General Motors has filed for Chapter 11 bankruptcy protection, car shoppers might figure they're about to get screaming deals on GM cars and trucks.
Stocks rallied Monday, sending the Dow Jones industrial average near the breakeven point for the year, as better-than-expected readings on manufacturing activity raised hopes that a global economic recovery is brewing.
General Motors unveiled plans to close 14 plants and three warehouses Monday in a move that could ultimately slash up to 20,000 workers from its payrolls, as the company undergoes an historic bankruptcy restructuring.
Oil prices rose Monday after global stock markets rallied and the dollar and Treasurys fell, following General Motors Corp.'s bankruptcy filing.
It finally happened. General Motors has filed for bankruptcy. And like most other bits of bad news that have taken place in the past few weeks, investors didn't even blink.
With General Motors' Chapter 11 filing, Ford Motor stands alone among Detroit's Big Three in dodging a shareholder-crushing government bailout. If the car market continues to slide, that may be a short-lived accolade. If not, it's a testament to the carmaker's hard work, smart financial planning and competent management.
General Motors idled its Spring Hill, Tennessee, facility as part of its bankruptcy plan Monday, leaving hundreds of employees -- and thousands of residents who rely on the plant's economic thrust -- in limbo.
The screams produced by the Chrysler bankruptcy are nothing compared with the howling that will accompany General Motors' bankruptcy filing as various creditors claim that the case is going too fast and their rights are being trampled.
U.S. stocks were poised to soar at the start of trading Monday after General Motors filed for bankruptcy and a bankruptcy court judge ruled in favor of Chrysler's asset sale.
Chrysler and GM employees are on the edge of their seats, waiting to find out what will be left standing after the dust settles. Meanwhile, a vast network of companies outside Detroit are bracing for impact.
With General Motors having filed for bankruptcy, the question arises: What will the bankrupt company look like and how will it be different?
General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday.
There was a time, not very long ago, when getting a job on the production line at a big automaker meant an instant ticket to the American dream, even for someone with little formal education. Not anymore.
Once the bankruptcy process at General Motors plays itself out, what will the company be worth?
General Motors' stock price plunged below $1 a share Friday, reaching its lowest level since the Great Depression, as investors anticipated a bankruptcy filing by the beleaguered automaker.
General Motors, with bankruptcy looming, pledged Friday to build a small car in the United States in an idled car plant that will be revamped.
The United Auto Workers union Friday overwhelmingly ratified a labor deal with General Motors that included concessions, but is not enough to keep the company out of bankruptcy.
The Treasury Department and a committee of major bondholders at General Motors have reached a deal that could give creditors a larger stake in GM than previously offered. But bankruptcy is still likely in the next few days despite the deal.
A bankruptcy filing for General Motors could come in the next few days, now that GM bondholders have rejected a proposed swap of $27 billion in unsecured company debt for 10% of GM's stock.
A stock selloff accelerated Wednesday afternoon after an auction of U.S. debt generated lukewarm interest, adding to jitters over a looming bankruptcy for General Motors.
General Motors said Wednesday that it has fallen far short of the bondholder support it needed for its proposed debt-for-stock offer, virtually guaranteeing that the nation's largest automaker will be forced to file for bankruptcy court protection within the next five days.
General Motors has fallen far short of the bondholder support it needed for its proposed debt-for-stock offer, according to a source familiar with the matter, virtually guaranteeing that the nation's largest automaker will be forced to file for bankruptcy court protection within the week.
Stocks soared Tuesday, with the Dow gaining nearly 200 points after a report showing consumer confidence hit an eight-month high offset dismal housing news.
The next seven days could be the most important in the history of the U.S. auto industry.
It's coming down to the wire for General Motors.
Chrysler and General Motors announced this week that they would shrink their dealer base in the U.S.
Stocks slumped at the close of Friday's session, ending the week little changed, as investors went into a holiday weekend with lingering concerns about the economy.
The Obama administration announced Thursday that it has invested $7.5 billion in GMAC, aiming to prop up the troubled lender and boost its ability to make loans to Chrysler dealers and customers.
The current plans to restructure General Motors and Chrysler LLC will leave the United Auto Workers union in the driver's seat at both companies. But it appears that the union would rather be in the back seat.
Jim Graves comes from a Michigan family with deep ties to General Motors.
The United Auto Workers union has reached a deal with the Treasury Department and General Motors on changing its labor contract with the troubled automaker, one of the key obstacles that needed to be cleared for GM to potentially avoid being forced into bankruptcy in the next two weeks.
The U.S. auto industry's deep-seated problems make it easy for car dealers to focus on the negative. As if thousands of cars sitting unsold on lots and in showrooms across the country weren't enough, recently bankrupt Chrysler will cut 789 of its nearly 3,200 dealer relationships, and General Motors will end contracts with 2,600 franchises through 2010 in an effort to avoid Chapter 11.
The two-month stock market rally is in choppy waters, after the Dow, Nasdaq and S&P 500 all tumbled last week for the first time since early March.
Stocks fell Friday at the end of a down week on Wall Street, the first weekly decline in all three major indexes in 10 weeks, as investors reacted to economic news and word of General Motors' dealership closings.
General Motors notified 1,100 of its 6,000 dealerships Friday that it is terminating their contracts with the struggling automaker, the first step in cutting up to 40% of its retail network.
In another sign the company is preparing for a possible bankruptcy filing within the next two weeks, General Motors has agreed to speed up payments to 1,500 suppliers who provide it with the parts it needs to make cars in North America.
The next auto businesses on the chopping block will be 2,600 General Motors dealerships.
Hundreds of General Motors dealers will find out this week if their businesses will be sacrificed as cries for automakers to cut costs rise from Wall Street and Capitol Hill.
General Motors, the quintessential U.S. company, sold more vehicles in Asia in the first quarter than it did in the United States.
General Motors Corp. stock briefly plunged to $1 a share in Wednesday trading, flirting with its lowest levels since the Great Depression, before it managed a recovery.
General Motors has been a member of the Dow Jones industrial average for nearly 84 years. But it's likely only a matter of time before the company is kicked out.
General Motors intends to keep its headquarters in Detroit, even though its U.S. operations are in far worse shape than some of its growing overseas units, CEO Fritz Henderson said Monday.
General Motors' creditors aren't out of the woods yet.
Struggling automaker General Motors reported a $6 billion loss during the first three months of the year Thursday, and said it will need more government loans soon as it tries to come up with a plan to stay out of bankruptcy.
Will General Motors succeed in its efforts to restructure itself and turn the embattled automaker around? That could depend on how well the bankruptcy process plays out over the next month at rival Chrysler LLC.
U.S. auto sales plummeted again in April, but automakers said conditions were stabilizing and that the market is getting closer to a recovery.
Holders of General Motors' debt offered a counter proposal Thursday to the automaker's debt restructuring plan, seeking a majority stake in the company.
Have you ever heard of someone having their car "totaled"? While the word might conjure images of a massive car accident, replete with broken glass and the Jaws of Life, the reality is sometimes far removed.
Chrysler and General Motors are making progress in their efforts to stay in business. But even if they succeed, don't assume that means the problems are over for the battered auto industry.
Saying they'll cut costs is the easy part. Now, in order to stave off bankruptcy, comes the hard part: General Motors must axe 23,000 people and decide which plants to keep open, and which to permanently shut down.
With bankruptcy looming at General Motors and Chrysler LLC, both troubled automakers have announced new moves to try and avoid that fate.
Stocks slipped Monday as fears about the impact of swine flu and jitters about the next batch of quarterly results gave investors a reason to retreat after a big rally.
General Motors announced plans Monday to cut 23,000 U.S. jobs by 2011, drop its storied Pontiac brand and slash 40% of its dealer network in its latest bid to stay out of bankruptcy.
The dollar rallied against the Mexican peso and was mixed against other major currencies Monday amid worries about the economic impact of a global swine flu outbreak.
In an attempt to avoid bankruptcy, General Motors announced plans to cut 23,000 jobs by 2011, with another round of buyouts in the works that will likely be its stingiest yet.
The Pontiac car brand, once marketed as General Motors' "excitement division," will be killed off by the end of next year, the carmaker announced Monday.
You don't hear many nice things these days about General Motors' deposed chief executive, Rick Wagoner, or the board of directors that supported him for so long. But the board did do one thing right: It didn't give him or his colleagues golden parachutes - those huge payments that companies typically lavish on top honchos when they are thrown out of their jobs.
Pontiac lovers are feeling nostalgic and mournful Monday amid General Motors announcement that it will end production of the car.
General Motors is preparing to announce that the Pontiac car brand, once marketed as GM's "Excitement division," will be killed off, according to a source familiar with the decision.
U.S. stock futures sank Monday as investors worried about the economic impact of a global swine flu outbreak and digested a restructuring plan from General Motors.
For most Americans, Topic A in the auto industry right now is the fate of GM. Mike Jackson, 60, the outspoken CEO of the nation's largest auto retailer, AutoNation, has some definite opinions about that subject--and we'll spell them out below. But his own Topic A today is the level of gas prices, which he thinks intolerably low. Here is the conversation that he and FORTUNE senior editor at large Carol Loomis had a few days ago.
It was an odd collection of vehicles on display on Capitol Hill, ranging from a bucket truck used for repairing power lines to something resembling an enclosed golf cart to a pair of hot-looking, two-seater sports cars.
Harley VanDeloo, a 69-year old retiree in Thousand Oaks, Calif., has resigned himself to losing an important piece of his retirement income: interest payments from $25,000 worth of General Motors bonds.
General Motors won't be making a June 1 debt payment of $1 billion, a company spokeswoman said Wednesday.
With three bidders in the running, General Motors says it is weeks away from deciding what will become of the controversial Hummer SUV brand, but as a bankruptcy looms, one expert wonders why bidders don't just hold out for a bargain in a court-ordered sell-off.
General Motors will announce more job cuts and plant closing plans in the coming weeks, CEO Fritz Henderson said Friday.
Did a battery bring down General Motors?
The possibility of engine fires has prompted General Motors to recall nearly 1.5 million passenger sedans manufactured between 1997 and 2003, the National Highway Traffic Safety Administration announced Monday.
The possibility of engine fires has prompted General Motors to recall nearly 1.5 million passenger sedans manufactured between 1997 and 2003, the National Highway Traffic Safety Administration announced Monday.
A rally in financial shares helped stocks cut losses Monday at the end of a choppy session following a five-week advance and ahead of a barrage of quarterly results.
General Motors' stock price has been stuck in reverse as investors seem to be betting that bankruptcy is inevitable.
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